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Production volumes increased 33% to a record level of 5.27 million tonnes in the first nine months of 1998-99. This is despite the temporary dislocation in feedstock supplies at the Hazira petrochemicals complex in October 1998. Total production volume slated to touch nearly 7 million tonnes for the full year - final production volume for the year likely to be 20% higher than beginning of the year estimates. Sales revenues were up 11% at Rs. 109.5 billion (US$ 2.6 billion) in the first nine months. This comprised of the impact of volume growth at 23%, partially offset, to the extent of 12%, by the decline in average product selling prices. Reliance sold 95% of its production within India. Value added export opportunities selectively pursued with export revenues increasing 145% to Rs. 5.12 billion (US $ 121 million). Exports focussed on quality conscious markets of US and Europe, in recognition of the superior quality of Reliance’s products.

Production volumes increased 33% to a record level of 5.27 million tonnes in the first nine months of 1998-99. This is despite the temporary dislocation in feedstock supplies at the Hazira petrochemicals complex in October 1998. Total production volume slated to touch nearly 7 million tonnes for the full year - final production volume for the year likely to be 20% higher than beginning of the year estimates. Sales revenues were up 11% at Rs. 109.5 billion (US$ 2.6 billion) in the first nine months. This comprised of the impact of volume growth at 23%, partially offset, to the extent of 12%, by the decline in average product selling prices. Reliance sold 95% of its production within India. Value added export opportunities selectively pursued with export revenues increasing 145% to Rs. 5.12 billion (US $ 121 million). Exports focussed on quality conscious markets of US and Europe, in recognition of the superior quality of Reliance’s products.

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2.
The Worst Earthquake affecting India in last 50 years • The recent earthquake in Gujarat is the most severe to hit the Indian subcontinent in the last 50 years - 8.46 a.m. 26th Jan, 2001 - 7.9 on Richter scale • Last severe earthquake in the Gujarat area was in the year 1819 (also measuring 7.9 on Richter scale) Reliance Industries Ltd. 2

3.
National Calamity of Unprecedented Proportions Unprecedented loss of life and property Loss of life running into tens of thousands of people Death toll still climbing - large numbers currently “missing /injured” Initial estimates of damage to property in the state of Gujaratexceed Rs.15,000 crores (US$ 3.3 bn)The Gujarat earthquake tragedy represents the biggest calamity tohit India in recent timesReliance Industries Ltd. 3

4.
Reliance Deploys its Entire Resources for Relief Operations Reliance has initially allocated a sum of Rs. 15 crores (US$ 3.3mn) for earthquake relief measures in Gujarat Rs. 5 crores (US$ 1.1 mn) already contributed to the PrimeMinister’s Relief Fund Reliance has placed all available human and material resources atthe disposal of the state government and the army / air forceauthorities, for rescue and relief operations Reliance actively engaged in rescue and relief operations inAhmedabad, Jamnagar, Bhuj, and surrounding areas Reliance has fully adopted the village of Anjar, for rescue, reliefand reconstruction activities - located 40 kms from Bhuj, population estimated at 80,000 - second most affected area, with most structures completelyflattenedReliance is committed to deploying all resources for relief of affectedpeople in GujaratReliance Industries Ltd. 4

5.
Round-the-Clock Efforts to Alleviate Suffering More than 3,000 construction workers, and hundreds of vehicles(including dumpers, trucks, tempos) pressed into service for round-the-clock relief work Over 60 heavy equipments and machinery (cranes, bull-dozers,etc) mobilised for removal of debris / rescue work Continuously distributing food rations and water supplies to about15,000 people Several medical centres opened including a very large makeshifthospital, with over 50 medical and paramedical staff, and over 200other personnel, on round-the-clock dutyReliance is working round-the-clock and providing all possiblesupport to help the affected areasReliance Industries Ltd. 5

6.
Serving the People Devastated by the Tragedy 20 DG sets provided in Bhuj, the worst affected area forrestoration of emergency power Communication links opened in several areas with satellitetelephones Direct wireless links set up between Anjar and Jamnagar Helicopter sorties are being flown to bring in people, materials,supplies and to evacuate the most seriously injured personsEmergency supplies of food, clothing and materials are being rushedfrom all over the country to the control rooms set up at Mumbai andJamnagar to coordinate the relief workReliance Industries Ltd. 6

7.
Reliance Operations Normal within Days Superior design and technology of Reliance’s world classcomplexes ensured there was no loss of life or property Automated safety procedures achieved safe shutdown of theHazira and Jamnagar complexes within moments of the tremors Power systems and other utilities fully restored within hours of theearthquake - phased start-up of plants activated the same day Most plants already operating normally - the balance followingprogressively, in accordance with safe start-up procedures All product evacuation infrastructure safe and intact - jetty,pipelines, rail and road loading terminalsThe entire Reliance team responded to the occasion, and ensuredoperations were normalised within hours of the incidentReliance Industries Ltd. 7

13.
Future Margin Outlook dependent on Several Macro VariablesInternational crude oil prices have come off significantly from their Q3 highs - volatility in Feedstock energy prices continues prices haveLongerterm impact of recent output cuts by come off their OPEC suppliers to be awaited recent highs,The impact of a slowdown in the US economy on global demand growth is also an important but several other variable variables mayDepreciation in the value of regional Asian have an impact currencies relative to the US$ and the Indian rupee may impact regional prices on marginsReliance Industries Ltd. 13

26.
Oil and Gas - Plans and Outlook RIL is India’s No.1 private sector E&P player Reliance is with 100,000 sq. kms in exploration acreage generating Oil and Gas production from existing fields is attractive dollar growing at 5%-10% per year denominated Potential to increase gas production by 3 times revenues from 14 exploration blocks recently awarded under attractive new policy regime, with fiscal and its growing oil other benefits - will participate in next round and gas Enron’s 30% stake in PMT venture under sale business process - Reliance reviewing optionsReliance Industries Ltd. 26

28.
Polyester (PFY, PSF and PET) Reliance is now the 2nd largest, and the lowest cost, producer ofpolyester in the world, as per latest industry rankings Reliance is also the 3rd largest producer of PX, and the 4thlargest producer of PTA, in the world Demand growth forecast to outpace capacity additions in India, inAsia, and globally, over the next few years Reliance is the only player making investments in the Indianpolyester sector, to capture future demand growth Import tariffs already at resting point of 20%, as per the WTObound ratesReliance is ideally positioned to benefit from an improvement in longterm industry fundamentals, with its global scale and cost leadershipReliance Industries Ltd. 28

34.
Polymers (PP, PE and PVC)  India is the world’s fastest growing polymers market  Global industry demand supply fundamentals will improve, over the next 3 years, with demand growth exceeding capacity additions by 6 million tonnes  Reliance will benefit from these trends, with its world scale capacity, and cost leadership, in the Indian polymers markets  Limited room for further import tariff cuts over next few years - rupee depreciation provide cushionThe global demand supply balance is expected to improve from 2002,with the Indian markets offering the highest growth opportunitiesReliance Industries Ltd. 34

36.
Emphasis on Speciality Products leads to Important Competitive Advantages Wider product choice to customers Product differentiation from commodity producers Enhanced margins due to premium pricing of speciality grades Enabling expansion into new markets, including the mostdiscerning and quality conscious export markets Reliance is ahead of competition in introducing specialty grades Part insulation from volatility of commodity product pricesReliance is able to deliver superior overall value to its customers withits increasing thrust on speciality productsReliance Industries Ltd. 36

39.
Reliance Petroleum - Overview RPL operates the largest, and most complex, refinery in India,with over 25% of total domestic capacity World’s largest grassroots refinery, with capacity of 27 mn tpa -the 7th largest refinery in the world at any single location 30% + capital cost advantage, over global peer group Flexibility in crude processing and product mix Capacity utilisation of 101% achieved in the second and thirdquarters of operations - a unique achievement in the global contextRPL and RIL are now India’s top 2 private sector companiesReliance Industries Ltd. 39

40.
Significant Q3 Highlights Capacity utilisation of 101% in Q3 - compares with Indian sector average of 93%, Asian average of 99%, and US average of 91% Exports of HSD, gasoline, and naphtha for the first time from India - products meet the most stringent international norms India’s largest manufacturer exporter with exports of US$ 1.02 billion (Rs. 4,714 crs.) in the first nine months of the current financial year CRISIL upgraded rating of RPL’s debt from BBB+ to AA, indicating high safety of timely payment of interest and principal The first Indian refinery to perform risk management under the new government policies for hedging price and margin risksReliance Industries Ltd. 40

46.
Future Growth Opportunities for RPL RPL intends participating in marketing of all petroleum products - has applied for direct marketing rights Marketing rights likely to be granted during the course of the year - APM to be dismantled by March, 2002, as per current schedule RPL already has dedicated product evacuation infrastructure to support full-fledged marketing activities for its entire production: - Port and jetties – Rail despatch terminal – Road loading facilities – PipelinesRPL is pursuing growth opportunities for generating attractive returnsand enhancing competitivenessReliance Industries Ltd. 46

47.
Future Growth Opportunities for RPL RPL is also making investments for creating distribution infrastructure for petroleum products across the country RPL has a 10% stake in Petronet India, the holding company, responsible for setting up pipeline networks in the country RPL to invest Rs. 500 crores (US$ 110 mn) for 26% stake, in Central India Pipeline Ltd. (CIPL), implementing a 1615 km pipeline reaching markets in the central/southern parts of India RPL has a 13% stake in the already operational, 113 km Vadinar Kandla pipeline, connecting Jamnagar to the high growth Northern markets through the Kandla Bhatinda pipelineNew pipelines being set up in the country will open up new marketsand lead to increased consumption of petroleum productsReliance Industries Ltd. 47

55.
Open Door Policies to encourage entry of new players Unlimited entry for new players in fixed line A suitableservices in all circles at attractive terms Limited mobility (WiLL) by fixed line operators framework forapproved - mobile telephony at lower costs Entry of fourth operator in all cellular circles Reliance tothrough bidding process – Multi-stage process, existing players can not bid in their create a own circles – Graded payment to eliminate unrealistically high bids national – Introduction of WiLL leading to lower tariffs and licence valuations telecom Unlimited entry for new players in long distanceat reasonable terms footprintReliance Industries Ltd. 55

56.
Reliance Infocom - Progress Backbone presently being implemented in 13 states - Tamil Nadu,Andhra Pradesh, Karnataka, Maharashtra, Gujarat, Rajasthan,Delhi, Haryana, Uttar Pradesh, Madhya Pradesh, Orissa, W. Bengaland Kerala Over 35,000 strong construction force at work Fast growing team of highly qualified and experienced industryprofessionals from all over the world Rollout of services based on market revenue potential Fibre being sourced internationally - 100% in-house projectmanagement The nationwide backbone to be completed by end 2002Reliance will rollout its services and offerings in a phased manner,starting in the next financial yearReliance Industries Ltd. 56

57.
Reliance Infocom - Corporate Structure Reliance Infocom will be the lead company for undertaking/promoting all future telecom/ infocom initiatives of the Reliance group Capital outlay, excluding licence fees, presently estimated at Rs.15,000 crores (US$ 3.3 billion) - 2:1 debt: equity being considered RIL to hold 45% of equity, balance to be held by employees,Reliance promoters, and other Reliance group companies International listing of Reliance Infocom at an appropriate time overthe next 2-3 years, to unlock value for RIL shareholders Proposed corporate structure targets the optimal risk/ return balance for RIL shareholdersReliance Industries Ltd. 57

63.
Summary RIL gives exposure to major growth sectors A world classof the Indian economy enterprise, at the Significant hidden values in RIL’s interestsin oil and gas, shareholding in ReliancePetroleum and Reliance Telecom, and the intersection of theinfocom initiative ‘old’ and the ‘new’ Reliance is the demonstrated leader inidentifying and capturing attractive marketopportunities in India economy RIL is amongst the best performing largerIndian stocks since the past several yearsReliance Industries Ltd. 63